Processes will change – adoption of technology, GST compliant invoicing, no kachcha bill, more collaboration with vendors and clients and better tech connect with the Accountants.

Pricing/Margins will be impacted – need to know how and by how much.

Dependence on suppliers for correct filing & tax payment for you to take Input Tax Credit. Business gets ‘punished’ for the supplier not being compliant.

Working capital will be impacted (monthly filing and payments instead of quarterly or semi-annually). Anticipate the Cash Flow gaps and prepare for them.

Adoption of technology to manage business (invoicing expense etc) and tax filing will be critical for managing tax filing, reconciliation and payments.

More discipline will be needed - heavy fines on non-compliance, Tax Compliance Score for all businesses (like CIBIL score).

How will it work?

All invoices (and expenses) will need to be uploaded and reconciled on GSTN platform on a monthly basis. Reconciliation will have to happen at each stage. For each company (in a state) there will be 37 returns per year. (GSTR 1,2,3 per month and an annual return – GSTR 9).

In between there will be days where corrections in reconciliations, if any, will have to be take care of.

You can claim input tax credit only if your suppliers have filed and paid taxes correctly. There will be a compliance rating score for each GST ID.

How can your company be GST ready?

YES BANK has partnered with Numberz to help SMEs get GST ready – while helping them manage their business workflows.

numberz is an online/mobile based business platform that can help you manage your business processes (like invoicing, expenses etc) while taking care of GST filing and payments. All of these are powered by YES BANK’s banking platform.

With its integration with ERPs such as Tally, Numberz also allows close collaboration with Chartered Accountants.

So now you don’t have to worry about GST. Get in touch with your YES BANK Relationship Manager right away or call us